Retirement Savings

Retirement specialists testified on the state of workers' retirement funds. According to a Senate Health, Education, Labor and…
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Retirement specialists testified on the state of workers' retirement funds. According to a Senate Health, Education, Labor and Pensions Committee study, the difference between what Americans had saved for retirement and what they should have was $6.6 trillion, and half the population had under $10,000 in savings. Committee Chair Harkin spoke about his proposal for a privately retirement plan that would make it easier for employers to offer retirement plans without additional risk. Witnesses recommended automatic enrollments in work-based plans and increased contributions, especially as people age. Other topics included simplifying the system and financial literacy education. close

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*The transcript for this program was compiled from uncorrected Closed Captioning.